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Appointment details

Appointment type Voluntary Administration
Appointment date 17 June 2016
Appointees Martin Jones, Wayne Rushton
Companies subject to Administration Compass Resources Limited ("CMR") ACN 010 536 820
Compass Operations Pty Ltd ("CMO") ACN 128 913 271
Guardian Resources Pty Ltd ("Guardian") ACN 009 439 196
Raptor Minerals Pty Limited ("Raptor")  ACN 101 168 343
Office Perth

Company details

Compass Resources Limited is an Australian exploration, mining and minerals processing company focused on the Rum Jungle mineral field near the township of Batchelor, Northern Territory Australia.

Mining ore

KPMG contact

Omeed Rassoul
okhomeini@kpmg.com.au
+61 8 9263 7170

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Background information

Martin Jones, Wayne Rushton and Dermott McVeigh were appointed Joint and Several Administrators of the Company on Friday, 17 June 2016 pursuant to Section 436A of the Corporations Act 2001.

The Administrators were also appointed over the three subsidiaries of Compass Resources Limited, being Compass Operations Pty Ltd on 22 June 2016, and Guardian Resources Pty Ltd and Raptor Minerals Pty Limited on 24 June 2016. A summary of the appointments is tabled below:

Entity ACN Date of Appointment Date of First Creditors Meeting
Compass Resources Limited ("CMR") 010 536 820 17 June 2016 29 June 2016
Compass Operations Pty Ltd ("CMO") 128 913 271 22 June 2016 4 July 2016
Guardian Resources Pty Ltd ("Guardian") 009 439 196 24 June 2016 6 July 2016
Raptor Minerals Pty Limited ("Raptor") 101 168 343 24 June 2016 6 July 2016

 

Subsequent to our appointment to CMR, Richard Tucker, John Bumbak and Rahul Goyal of KordaMentha were appointed as Receivers and Managers (Receivers) of the Companies on 17 June 2016. We advise that the Receivers control the Companies assets and operations. The Receivers will be responsible for and determine all issues relating to the Companies ongoing operations and the manner in which their assets are dealt with.

For all enquiries relating to the ongoing dealings with the Companies, please contact Chris Laird of Korda Mentha on +61 8 9220 9333.

A resolution was passed at the first Committee of Creditor meetings held concurrently on 6 July 2016 acknowledging and consenting to the Administrators’ proposed applications to the Court for an extension of the convening periods for the second meetings of creditors for a period of 3 months to 23 October 2016.

An extension to the convening period of the Companies was approved on Friday, 8 July 2016 which extended the convening periods 3 months to 23 October 2016. Please refer to the circular dated 11 July 2015 for more information.

First meeting of creditors

At the first meetings of creditors on 6 July 2016, the following committee of creditors for each of the entities were formed:

Entity Committee Member Representing
Compass Resources Limited ("CMR") Simon Rear
Bryan Hughes
Cove House Illiquid Investments Limited
YA Global Investments & Mountainville Ltd
Compass Operations Pty Ltd ("CMO") Simon Rear
Bryan Hughes
Greg Molloy
Cove House Illiquid Investments Limited
YA Global Investments & Mountainville Ltd
Employees of Compass Operations Pty Ltd
Guardian Resources Pty Ltd ("Guardian") Simon Rear
Bryan Hughes
Cove House Illiquid Investments Limited
YA Global Investments & Mountainville Ltd
Raptor Minerals Pty Limited ("Raptor") Simon Rear
Bryan Hughes
Cove House Illiquid Investments Limited
YA Global Investments & Mountainville Ltd

Second meeting of creditors

The second meetings of Creditors of the Companies was held concurrently on Friday, 28 October 2016 at the offices of Ferrier Hodgson, Level 28 108 St Georges Terrace, PERTH WA 6000 at 11.00am AWST. Please refer to the 439A Report to Creditors available for download below for more information.

On 20 October 2016, the Administrators issued their report to creditors pursuant to section 439A of the Act which recommended that, in the absence of a DOCA prosoal being put forward, the Companies should be wound up. At the Second Meetings of creditors held concurrently on 28 October 2016, creditors resolved to wind up the Companies and appoint Martin Jones, Wayne Rushton and Dermott McVeigh as Liquidators. Please refer to the circular dated 4 November 2016 for more information.

Liquidation status

All outstanding tasks in the liquidation have been completed. The estimated date of completion for winding up the Companies is entirely dependent on the conclusion of the receivership, the timing of which is subject to existing litigation being concluded. Please refer to the report dated 24 January 2018 for more information.

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ASIC insolvency material

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

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Support

Coping with the emotional impact of financial distress.

Beyond Blue

beyondblue offers some useful resources for people struggling with the emotional impact of financial distress.

The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636

Lifeline

Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)

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